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High Yield Fund

Daily price w/o sales charge as of 07/02/2020

$6.78

arrowUp$0.04

YTD Returns w/o sales charge as of 07/02/2020

-6.86%

Please click here for performance current to the most recent quarter-end and month-end.

Click here to view all legal text including risk information

Summary

Summary

What is the High Yield Fund?

The Fund seeks to deliver current income and the opportunity for capital appreciation by investing primarily in high yield corporate bonds.
 

A HERITAGE OF HIGH YIELD

Brings a 40+ year history of high-yield investing, focused on fundamental, bottom-up credit research.

AN OPPORTUNISTIC APPROACH

Provides the flexibility to adjust to the market environment and take advantage of opportunities across the credit spectrum.

STRONG TRACK RECORD

Has offered a track record of strong performance versus peers in up and down markets, demonstrating the strength of this active approach as a core high-yield holding over a full market cycle.

Yield

Dividend Yield 1 as of 07/02/2020  

w/o sales charge 5.72%
w/ sales charge 5.59%

30-Day Standardized Yield 2 as of 05/31/2020  

5.25%

In absence of the fee waiver, yields shown would have been lower. Yields for other share classes will vary.

Expense Ratioas of 05/31/2020

Fund Basicsas of 05/29/2020

Total Net Assets
$7.49 B
Inception Date
12/31/1998
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
685
Minimum Initial Investment
$1,500+

Fund Expense Ratio :

0.91%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge -7.71% -4.81% 1.39% 3.55% 6.37% 6.27%
Lipper Category Avg. High Yield Funds - - - - - -
ICE BofA U.S. High Yield Constrained Index -4.84% -1.17% 2.92% 4.57% 6.46% 6.44%
w/ sales charge -9.76% -6.93% 0.61% 3.09% 6.13% 6.16%

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

0.91%

Fund Expense Ratio :

0.91%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge -7.71% -4.81% 1.39% 3.55% 6.37% 6.27%
Lipper Category Avg. High Yield Funds - - - - - -
ICE BofA U.S. High Yield Constrained Index -4.84% -1.17% 2.92% 4.57% 6.46% 6.44%
w/ sales charge -9.76% -6.93% 0.61% 3.09% 6.13% 6.16%

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

0.91%

Returns with sales charges reflect a maximum sales charge of 2.25%.

The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect the current maximum sales charge, had the sales charge been included, returns would have been lower. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance for future results.

RELATED CONTENT

Uncovering Opportunity in a Rebounding U.S. High Yield Market
June 11, 2020

With the broad financial market recovery since late March, U.S. high yield is no longer as dislocated, but the rationale for a strategic allocation to the asset class remains intact in our view.

“Fallen Angels” Gain a Rising Profile in High Yield
June 1, 2020

Bonds downgraded from investment grade to speculative grade historically have outperformed other areas of high yield—but we believe a selective approach to these securities is crucial.

Weighing the Broader Impact of Crude Oil Price Volatility
April 24, 2020

Here, we assess the potential implications for key asset classes of the dramatic plunge in the price of May 2020 West Texas Intermediate crude oil.

Type Assets
High Yield Bonds
Bank Loans
Investment Grade Bonds
Equity
Convertibles
Other
Cash

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Maturity Assets
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years
Greater than 10 years

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Credit Quality Distribution as of 05/29/2020 View Portfolio

Rating Assets
BBB
BB
B
<B
Not Rated

Ratings (other than U.S. Treasury securities or securities issued or backed by U.S. agencies) provided by Standard & Poor's, Moody's, and Fitch. For certain securities that are not rated by any of these three agencies, credit ratings from other agencies may be used. Where the rating agencies rate a security differently, Lord Abbett uses the average rating based on numeric values assigned to each rating. Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). High-yielding, non-investment-grade bonds (junk bonds) involve higher risks than investment-grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities. A portion of the portfolio's securities may not be rated. Breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. Ratings apply to the credit worthiness of the issuers of the underlying securities and not the fund or its shares. Ratings may be subject to change.

INVESTMENT TEAM

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Director of Taxable Fixed Income

19 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Chief Investment Officer

29 Years of Industry Experience

Christopher Gizzo
Christopher Gizzo, CFA

Managing Director & Portfolio Manager

12 Years of Industry Experience

Supported By 62 Investment Professionals with 16 Years Avg. Industry Experience

Contact a Representative

To contact your representative, enter your zip code and select your channel below.

Performance

Performance

Dividend Yield 1 as of 07/02/2020  

w/o sales charge 5.72%
w/ sales charge 5.59%

30-Day Standardized Yield 2 as of 05/31/2020  

  Subsidized3 Un-Subsidized4
w/o sales charge 5.25% 5.25%

In absence of the fee waiver, yields shown would have been lower. Yields for other share classes will vary.

Fund Expense Ratio :

0.91%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge -7.71% -4.81% 1.39% 3.55% 6.37% 6.27%
Lipper Category Avg. High Yield Funds - - - - - -
ICE BofA U.S. High Yield Constrained Index -4.84% -1.17% 2.92% 4.57% 6.46% 6.44%
w/ sales charge -9.76% -6.93% 0.61% 3.09% 6.13% 6.16%

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

0.91%

Fund Expense Ratio :

0.91%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge -7.71% -4.81% 1.39% 3.55% 6.37% 6.27%
Lipper Category Avg. High Yield Funds - - - - - -
ICE BofA U.S. High Yield Constrained Index -4.84% -1.17% 2.92% 4.57% 6.46% 6.44%
w/ sales charge -9.76% -6.93% 0.61% 3.09% 6.13% 6.16%

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

0.91%

Returns with sales charges reflect a maximum sales charge of 2.25%.

The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect the current maximum sales charge, had the sales charge been included, returns would have been lower. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance for future results.

Year Fund Returns ICE BofA U.S. High Yield Constrained Index
2019 15.07% 14.41%
2018 -5.15% -2.27%
2017 8.50% 7.48%
2016 15.84% 17.49%
2015 -2.26% -4.61%
2014 3.46% 2.51%
2013 9.69% 7.41%
2012 16.50% 15.55%
2011 3.15% 4.37%
2010 14.31% 15.07%
2009 50.51% -
2008 -23.42% -
2007 2.43% -
2006 9.94% -
2005 1.15% -
2004 10.42% -
2003 21.59% -
2002 -0.10% -
2001 5.36% -
2000 -3.01% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 -16.65% 10.72% - - -6.83%
2019 7.50% 3.77% 0.28% 2.86% 15.07%
2018 -1.07% -0.04% 2.54% -6.47% -5.15%
2017 2.82% 1.98% 2.45% 1.00% 8.50%
2016 2.01% 5.52% 5.46% 2.05% 15.84%
2015 3.05% 0.86% -4.23% -1.81% -2.26%
2014 2.92% 3.38% -1.83% -0.95% 3.46%
2013 3.97% -1.03% 2.51% 3.99% 9.69%
2012 6.63% 0.36% 5.06% 3.61% 16.50%
2011 3.82% 1.07% -7.02% 5.73% 3.15%
2010 4.93% -0.92% 6.33% 3.40% 14.31%
2009 5.95% 17.32% 14.23% 6.01% 50.51%
2008 -3.43% 1.99% -7.81% -15.68% -23.42%
2007 2.98% 0.17% 0.48% -1.17% 2.43%
2006 2.57% 0.01% 2.80% 4.27% 9.94%
2005 -1.74% 1.49% 0.87% 0.56% 1.15%
2004 1.07% -0.32% 4.34% 5.04% 10.42%
2003 4.06% 8.25% 2.40% 5.41% 21.59%
2002 1.51% -3.59% -3.78% 6.10% -0.10%
2001 5.14% -1.67% -3.99% 6.15% 5.36%
2000 -1.66% 0.99% 0.31% -2.65% -3.01%
1999 3.43% -0.11% -0.81% 3.99% 6.57%
1998 - - - - 0.80%

Performance is shown for each quarter and each calendar year. Past performance is no guarantee of future results.

Growth of $10,000 as of 06/30/2020

The chart begins on the Fund's inception date of 12/31/1998.

Based on a hypothetical Class A share investment of $10,000 on 12/31/1998 without sales charge and includes the reinvestment of all distributions.

 

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
High Yield Bonds
Bank Loans
Investment Grade Bonds
Equity
Convertibles
Other
Cash

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Rating Assets
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years
Greater than 10 years

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Credit Quality Distribution as of 05/29/2020

Rating Assets
BBB
BB
B
<B
Not Rated

Ratings (other than U.S. Treasury securities or securities issued or backed by U.S. agencies) provided by Standard & Poor's, Moody's, and Fitch. For certain securities that are not rated by any of these three agencies, credit ratings from other agencies may be used. Where the rating agencies rate a security differently, Lord Abbett uses the average rating based on numeric values assigned to each rating. Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). High-yielding, non-investment-grade bonds (junk bonds) involve higher risks than investment-grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities. A portion of the portfolio's securities may not be rated. Breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. Ratings apply to the credit worthiness of the issuers of the underlying securities and not the fund or its shares. Ratings may be subject to change.

Portfolio Positioning as of 03/31/2020

  • We are tailoring the portfolio overall to be higher in quality and more focused on non-cyclical exposures, most notably the media and health care sectors. We are, however, opportunistic in several cyclical sectors such as gaming and airlines.
  • The portfolio is underweight the energy sector following outperformance over the turn of the year and slowing macro momentum. The portfolio has remained underweight the subsectors of refiners and midstream over this time. We plan to remain up-in-quality in our already underweight energy exposure, with a particular focus on scale, liquidity, long operating history, strong reserve coverage to debt and any near term strategic catalysts. 
  • As of quarter-end, the portfolio had modest allocations to out-of-index sectors, such as bank loans, convertibles, investment grade bonds, and equities. We believe select exposures to these sectors offer attractive risk-reward opportunities, potential portfolio diversification benefits and avenues for liquidity. However, we view the Federal Reserve’s decision to cut the federal funds rate as a headwind to bank loans and have since pared back on our exposure to the asset class.  
  • Despite the economic vigor that was building in 2019 through early 2020, the curtailment of economic activity subsequent to coronavirus-related mitigation measures will likely delay any economic growth until the back half of the year. We believe the recovery will favor higher quality segments of the market first, due largely to liquidity and the technical backdrop. More notably, we are constructive on the ‘BB’ tier, as we believe the segment will be an early beneficiary of a recovery in the credit markets. Current valuations with index spreads of approximately 900-1000 basis points suggest a recession has been fully priced in based on valuations seen in prior cycles.  

Portfolio Details as of 05/29/2020

Total Net Assets
$7.49 B
Number of Issues
685
Average Coupon
5.98%
Average Maturity
7.2 Years
Average Effective Duration
4.61 Years

To view definitions for the above Portfolio Details, Click here.

Average Coupon - The weighted average annual rate of interest on a bond’s face value that the issuer agrees to pay the holder until maturity for all the securities in a portfolio.

Average Maturity - The length of time until the average security in a portfolio will mature or be redeemed by its issuer in proportion to its dollar value. Indicating a portfolio’s sensitivity to general market interest rate changes, a longer average maturity implies greater relative portfolio volatility.

Average Effective Duration - The change in the value of a fixed income security that will result from a 1% change in interest rates, taking into account anticipated cash flow fluctuations from mortgage prepayments, puts, adjustable coupons, and potential call dates. Duration is expressed as a number of years, and generally, the larger a duration, the greater the interest-rate risk or reward for a portfolio’s underlying bond prices. Where applicable, certain investments, such as common or preferred stock, convertible bonds and convertible preferred stock, ETFs, ADRs, and CPI swaps and related futures, are excluded from these calculations.

Holding Coupon Maturity Assets
Sprint Capital Corp. 6.875% 11/15/2028 1.7%
DISH DBS Corp. 7.750% 07/01/2026 1.3%
Tesla Motors, Inc. 5.300% 08/15/2025 1.0%
CCO Holdings LLC / CCO Holdings Capital Corp. 5.125% 05/01/2027 0.8%
Numericable Group S.A. 8.125% 02/01/2027 0.8%
CCO Holdings LLC / CCO Holdings Capital Corp. 4.750% 03/01/2030 0.8%
HCA, Inc. 5.500% 06/15/2047 0.7%
Tenet Healthcare Corp. 6.250% 02/01/2027 0.6%
Valeant Pharmaceuticals International, Inc. 8.500% 01/31/2027 0.6%
Ford Motor Co. 9.000% 04/22/2025 0.6%
% of Total Assets 8.9%
Holding Coupon Maturity Assets
Sprint Capital Corp.6.875% 11/15/20281.7%
DISH DBS Corp.7.750% 07/01/20261.3%
Tesla Motors, Inc.5.300% 08/15/20251.0%
CCO Holdings LLC / CCO Holdings Capital Corp.5.125% 05/01/20270.8%
Numericable Group S.A.8.125% 02/01/20270.8%
CCO Holdings LLC / CCO Holdings Capital Corp.4.750% 03/01/20300.8%
HCA, Inc.5.500% 06/15/20470.7%
Tenet Healthcare Corp.6.250% 02/01/20270.6%
Valeant Pharmaceuticals International, Inc.8.500% 01/31/20270.6%
Ford Motor Co.9.000% 04/22/20250.6%
Centene Corp.4.625% 12/15/20290.5%
NRG Energy, Inc.5.750% 01/15/20280.5%
HCA, Inc.5.875% 02/01/20290.5%
Occidental Petroleum Corp.2.700% 08/15/20220.5%
United Rentals, Inc.4.875% 01/15/20280.5%
Western Digital Corp.4.750% 02/15/20260.5%
Netflix, Inc.3.625% 05/15/20270.5%
Pulte Group, Inc.5.000% 01/15/20270.5%
CCO Holdings LLC / CCO Holdings Capital Corp.5.875% 05/01/20270.5%
Virgin Media Secured Finance plc5.500% 05/15/20290.5%
Magnolia Oil & Gas Operating LLC / Magnolia Oil &6.000% 08/01/20260.5%
AMC Networks, Inc.4.750% 08/01/20250.5%
Ford Motor Co.9.625% 04/22/20300.4%
Ziggo BV5.500% 01/15/20270.4%
Nexstar Broadcasting, Inc.5.625% 07/15/20270.4%
CSC Holdings LLC5.500% 04/15/20270.4%
CF Industries, Inc.5.150% 03/15/20340.4%
CIT Group, Inc.6.125% 03/09/20280.4%
Kraft Heinz Foods Co.4.375% 06/01/20460.4%
Select Medical Corp.6.250% 08/15/20260.4%
Sirius XM Radio, Inc.5.000% 08/01/20270.4%
MEG Energy Corp.7.125% 02/01/20270.4%
Kraft Heinz Foods Co.5.000% 06/04/20420.4%
Netflix, Inc.4.875% 04/15/20280.4%
MEG Energy Corp.7.000% 03/31/20240.4%
LGI Homes, Inc.6.875% 07/15/20260.4%
WPX Energy, Inc.5.750% 06/01/20260.4%
Tenet Healthcare Corp.5.125% 05/01/20250.4%
Hecla Mining Co.7.250% 02/15/20280.3%
RBS Global & Rexnord Corp.4.875% 12/15/20250.3%
Valeant Pharmaceuticals International, Inc.5.000% 01/30/20280.3%
Springleaf Finance Corp.6.125% 03/15/20240.3%
Intesa Sanpaolo SpA5.710% 01/15/20260.3%
Netflix, Inc.4.875% 06/15/20300.3%
FMG Finance Pty Ltd.4.500% 09/15/20270.3%
Newell Rubbermaid, Inc.5.875% 04/01/20360.3%
FAGE International SA/ FAGE USA Dairy Industry Inc5.625% 08/15/20260.3%
Freeport-McMoRan, Inc.5.250% 09/01/20290.3%
Navient Corp.6.125% 03/25/20240.3%
Matador Resources Co.5.875% 09/15/20260.3%
National Fuel Gas Co.5.500% 01/15/20260.3%
Centene Corp.3.375% 02/15/20300.3%
Cenovus Energy, Inc.5.400% 06/15/20470.3%
Connect Finco SARL / Connect US Finco LLC6.750% 10/01/20260.3%
Tesla Motors, Inc.2.000% 05/15/20240.3%
Apergy Corp6.375% 05/01/20260.3%
GrubHub Holdings Inc5.500% 07/01/20270.3%
Radiology Partners Inc9.250% 02/01/20280.3%
Penn National Gaming, Inc.5.625% 01/15/20270.3%
ESH Hospitality, Inc.4.625% 10/01/20270.3%
Horizon Therapeutics USA Inc5.500% 08/01/20270.3%
JBS USA LLC/JBS USA Finance, Inc.6.750% 02/15/20280.3%
Lennar Corp.4.750% 05/30/20250.3%
Western Gas Partners L.P.4.050% 02/01/20300.3%
General Electric Co.5.000% 12/31/20990.3%
Jagged Peak Energy LLC5.875% 05/01/20260.3%
TerraForm Power Operating LLC4.750% 01/15/20300.3%
Albertsons Cos Inc / Safeway Inc / New Albertsons4.875% 02/15/20300.3%
Synovus Financial Corp.5.900% 02/07/20290.3%
Freeport-McMoRan, Inc.4.250% 03/01/20300.3%
Parsley Energy LLC5.625% 10/15/20270.3%
Diamondback Energy, Inc.3.500% 12/01/20290.3%
NextEra Energy Operating Partners LP4.500% 09/15/20270.3%
Enviva Partners LP / Enviva Partners Finance Corp6.500% 01/15/20260.3%
Carnival Corp.11.500% 04/01/20230.3%
Indigo Natural Resources LLC6.875% 02/15/20260.3%
Toll Brothers Finance Corp.4.350% 02/15/20280.3%
Navient Corp.6.750% 06/15/20260.3%
PGT Innovations Inc6.750% 08/01/20260.3%
Molina Healthcare, Inc.4.875% 06/15/20250.3%
Murphy Oil USA, Inc.4.750% 09/15/20290.3%
Apache Corp.4.750% 04/15/20430.3%
NGPL Pipeco LLC4.875% 08/15/20270.3%
Air Medical Group Holdings, Inc.6.375% 05/15/20230.3%
Bacardi Ltd.5.300% 05/15/20480.3%
Chobani LLC / Chobani Finance Corp Inc7.500% 04/15/20250.3%
HealthSouth Corp.4.500% 02/01/20280.2%
Credit Index Swap5.000% 06/20/20250.2%
Boeing Co.4.508% 05/01/20230.2%
Churchill Downs, Inc.4.750% 01/15/20280.2%
Garda World Security Corp4.625% 02/15/20270.2%
Community Health Systems, Inc.8.125% 06/30/20240.2%
Kraft Heinz Foods Co.4.625% 01/30/20290.2%
ViaSat, Inc.5.625% 04/15/20270.2%
Rite Aid Corp.6.125% 04/01/20230.2%
CSC Holdings LLC5.750% 01/15/20300.2%
Block Communications, Inc.4.875% 03/01/20280.2%
Gray Television, Inc.7.000% 05/15/20270.2%
Baffinland Iron Mines Corp / Baffinland Iron Mines8.750% 07/15/20260.2%
Sensata Technologies BV5.625% 11/01/20240.2%
TRI Pointe Homes LLC5.250% 06/01/20270.2%
Mueller Water Products, Inc.5.500% 06/15/20260.2%
Adient US LLC7.000% 05/15/20260.2%
Yingde Gases Investment Ltd6.250% 01/19/20230.2%
Viper Energy Partners LP5.375% 11/01/20270.2%
Sealed Air Corp.6.875% 07/15/20330.2%
Eclipse Resources Corp.8.875% 07/15/20230.2%
Hilton Domestic Operating Co, Inc.5.125% 05/01/20260.2%
Kraft Heinz Foods Co.3.750% 04/01/20300.2%
Core & Main Holdings LP8.625% 09/15/20240.2%
Starfruit Finco BV / Starfruit US Holdco LLC8.000% 10/01/20260.2%
US Renal Care Inc10.625% 07/15/20270.2%
Century Communities, Inc.6.750% 06/01/20270.2%
Energy Transfer Operating LP3.750% 05/15/20300.2%
Surgery Center Holdings, Inc.10.000% 04/15/20270.2%
EQT Corp.6.125% 02/01/20250.2%
Hadrian Merger Sub Inc8.500% 05/01/20260.2%
Patrick Industries, Inc.7.500% 10/15/20270.2%
Boyd Gaming Corp.4.750% 12/01/20270.2%
Summit Materials LLC5.125% 06/01/20250.2%
Warrior Met Coal Inc8.000% 11/01/20240.2%
Yum! Brands, Inc.5.350% 11/01/20430.2%
Kaisa Group Holdings Ltd.9.375% 06/30/20240.2%
Mattel, Inc.6.750% 12/31/20250.2%
IRB Holding Corp6.750% 02/15/20260.2%
Ccs-Cmgc Holdings Inc6.453% 10/01/20250.2%
Quicken Loans LLC5.250% 01/15/20280.2%
TopBuild Corp.5.625% 05/01/20260.2%
Enterprise Development Authority/The12.000% 07/15/20240.2%
WPX Energy, Inc.5.250% 09/15/20240.2%
LifePoint Hospitals, Inc.4.375% 02/15/20270.2%
Navicure Inc4.174% 09/18/20260.2%
Capitol Investment Merger Sub 2 LLC10.000% 08/01/20240.2%
LCPR Senior Secured Financing DAC6.750% 10/15/20270.2%
Centene Corp.4.250% 12/15/20270.2%
Freeport-McMoRan, Inc.4.125% 03/01/20280.2%
Transocean Poseidon Ltd6.875% 02/01/20270.2%
MGM Resorts International4.625% 09/01/20260.2%
Coeur Mining, Inc.5.875% 06/01/20240.2%
Fair Isaac Corp.4.000% 06/15/20280.2%
Century Communities, Inc.5.875% 07/15/20250.2%
MPH Acquisition Holdings LLC7.125% 06/01/20240.2%
Acrisure LLC / Acrisure Finance Inc8.125% 02/15/20240.2%
Apache Corp.4.375% 10/15/20280.2%
Netflix, Inc.4.625% 05/15/20290.2%
Citgo Holding, Inc.9.250% 08/01/20240.2%
Wynn Macau Ltd.5.500% 10/01/20270.2%
American Woodmark Corp.4.875% 03/15/20260.2%
Hayward Acquisition Corp.3.674% 08/05/20240.2%
MEDNAX, Inc.6.250% 01/15/20270.2%
Panther BF Aggregator 2 LP / Panther Finance Co In8.500% 05/15/20270.2%
eG Global Finance PLC8.500% 10/30/20250.2%
Zayo Group Holdings, Inc.6.125% 03/01/20280.2%
HCA, Inc.8.360% 04/15/20240.2%
Helix Gen Funding, LLC4.750% 06/03/20240.2%
Wynn Macau Ltd.5.125% 12/15/20290.2%
Oceaneering International, Inc.4.650% 11/15/20240.2%
Plains All American Pipeline L.P.6.125% 12/31/20990.2%
RegionalCare Hospital Partners Holdings Inc / Life9.750% 12/01/20260.2%
Schaeffler Verwaltung Zwei GmbH4.750% 09/15/20260.2%
Uber Technologies Inc8.000% 11/01/20260.2%
Laredo Petroleum Holdings, Inc.10.125% 01/15/20280.2%
VOC Escrow Ltd5.000% 02/15/20280.2%
Aston Martin Capital Holdings Ltd6.500% 04/15/20220.2%
Match Group, Inc.4.125% 08/01/20300.2%
Service Corp. International5.125% 06/01/20290.2%
Acrisure LLC / Acrisure Finance Inc7.000% 11/15/20250.2%
Qorvo, Inc.4.375% 10/15/20290.2%
WPX Energy, Inc.5.250% 10/15/20270.2%
Merlin Entertainments PLC5.750% 06/15/20260.2%
PetSmart, Inc.5.875% 06/01/20250.2%
Buckeye Partners L.P.4.125% 12/01/20270.2%
United Natural Foods Inc4.424% 10/22/20250.2%
Intertape Polymer Group Inc7.000% 10/15/20260.2%
Shea Homes LP / Shea Homes Funding Corp.6.125% 04/01/20250.2%
Murphy Oil Corp.5.875% 12/01/20270.2%
Signature Aviation US Holdings Inc4.000% 03/01/20280.2%
Tenet Healthcare Corp.6.750% 06/15/20230.2%
Amsted Industries, Inc.4.625% 05/15/20300.2%
Mclaren Finance PLC5.000% 08/01/20220.2%
Fairstone Financial Inc7.875% 07/15/20240.2%
Sally Holdings LLC / Sally Capital, Inc.8.750% 04/30/20250.2%
Lennar Corp.4.750% 11/29/20270.2%
EW Scripps Co.5.125% 05/15/20250.2%
Netflix, Inc.3.625% 06/15/20300.2%
NEP/NCP Holdco Inc4.700% 10/05/20250.2%
VF Ukraine PAT via VFU Funding PLC6.200% 02/11/20250.2%
Endeavor Energy Resources L.P.5.750% 01/30/20280.2%
IHeart Communications, Inc.8.375% 05/01/20270.2%
Press Ganey Inc4.259% 07/22/20260.2%
Minerva Luxembourg SA5.875% 01/19/20280.2%
Buckeye Partners L.P.6.375% 01/22/20780.2%
Transocean Proteus Ltd.6.250% 12/01/20240.2%
CCO Holdings LLC / CCO Holdings Capital Corp.5.750% 02/15/20260.2%
PDC Energy, Inc.5.750% 05/15/20260.2%
Popular, Inc.6.125% 09/14/20230.2%
Rackspace Hosting, Inc.8.625% 11/15/20240.2%
Ingevity Corp.4.500% 02/01/20260.2%
Compass Minerals International, Inc.6.750% 12/01/20270.2%
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell o4.750% 06/01/20270.2%
Medallion Midland4.250% 10/31/20240.2%
Boeing Co.5.805% 05/01/20500.2%
William Carter Co.5.500% 05/15/20250.2%
William Carter Co.5.625% 03/15/20270.2%
American Airlines, Inc.1.924% 06/27/20250.2%
Tenneco, Inc.5.000% 07/15/20260.2%
Delta Air Lines, Inc.7.000% 05/01/20250.2%
HCA, Inc.7.500% 12/15/20230.2%
Mong Duong Finance Holdings BV5.125% 05/07/20290.2%
Alliant Holdings Intermediate LLC6.750% 10/15/20270.2%
Revlon, Inc. Class A7.000% 06/30/20250.2%
Navient Corp.6.750% 06/25/20250.2%
Coty, Inc.6.500% 04/15/20260.2%
Sunac China Holdings Ltd7.875% 02/15/20220.2%
HAT Holdings I LLC / HAT Holdings II LLC5.250% 07/15/20240.2%
Texas Capital Bank NA/Dallas TX5.250% 01/31/20260.2%
Brink's Co/The4.625% 10/15/20270.2%
Continental Resources, Inc.4.500% 04/15/20230.2%
Gray Television, Inc.5.875% 07/15/20260.2%
AES Corp.5.125% 09/01/20270.2%
Itron, Inc.5.000% 01/15/20260.2%
DKT Finance ApS9.375% 06/17/20230.2%
Catalent Pharma Solutions Inc5.000% 07/15/20270.2%
Ashland, Inc.6.875% 05/15/20430.2%
Altice France Holding SA10.500% 05/15/20270.2%
Corecivic Inc.6.265% 12/12/20240.2%
Belo Corp.7.250% 09/15/20270.2%
Altice Financing S.A.7.500% 05/15/20260.2%
BNP Paribas S.A.4.500% 02/25/21700.2%
Carvana Co8.875% 10/01/20230.2%
West Street Merger Sub Inc6.375% 09/01/20250.2%
Science Applications International Corp4.875% 04/01/20280.2%
Royal Caribbean Cruises Ltd.11.500% 06/01/20250.2%
Xplornet Comms Inc4.923% 05/29/20270.2%
Banff Merger Sub Inc9.750% 09/01/20260.2%
Twin River Worldwide Holdings Inc6.750% 06/01/20270.2%
PTC, Inc.3.625% 02/15/20250.2%
Forterra, Inc.4.000% 10/25/20230.2%
Tenneco Inc.3.174% 06/18/20250.2%
Ortho-Clinical Diagnostics Inc / Ortho-Clinical Di7.250% 02/01/20280.2%
Sabre GLBL, Inc.9.250% 04/15/20250.1%
Wyndham Hotels & Resorts Inc5.375% 04/15/20260.1%
Guidehouse LLP4.674% 05/01/20250.1%
Kaiser Aluminum Corp.6.500% 05/01/20250.1%
Topgolf International, Inc.7.545% 02/09/20260.1%
Vail Resorts, Inc.6.250% 05/15/20250.1%
VeriSign, Inc.5.250% 04/01/20250.1%
Garda World Security Corp9.500% 11/01/20270.1%
Virgin Media Secured Finance plc4.875% 01/15/20270.1%
Fair Isaac Corp.5.250% 05/15/20260.1%
Credit Suisse Group AG7.250% 09/12/21680.1%
Pactiv Corp.7.950% 12/15/20250.1%
Veritas US Inc / Veritas Bermuda Ltd10.500% 02/01/20240.1%
MHP Lux SA6.950% 04/03/20260.1%
Herbalife Nutrition Ltd / HLF Financing Inc7.875% 09/01/20250.1%
Oceaneering International, Inc.6.000% 02/01/20280.1%
Freeport-McMoRan, Inc.3.875% 03/15/20230.1%
Petrobras Global Finance BV5.600% 01/03/20310.1%
Ellie Mae Inc5.200% 04/17/20260.1%
XPO Logistics, Inc.6.250% 05/01/20250.1%
Shea Homes LP / Shea Homes Funding Corp.4.750% 02/15/20280.1%
Occidental Petroleum Corp.3.125% 02/15/20220.1%
Kraft Heinz Foods Co.4.875% 10/01/20490.1%
Masonite International Corp.5.750% 09/15/20260.1%
SM Energy Co.6.750% 09/15/20260.1%
Apache Corp.3.250% 04/15/20220.1%
Tenet Healthcare Corp.4.875% 01/01/20260.1%
Buckeye Partners L.P.3.950% 12/01/20260.1%
H&E Equipment Services, Inc.5.625% 09/01/20250.1%
Forestar Group, Inc.5.000% 03/01/20280.1%
Sally Holdings LLC / Sally Capital, Inc.5.625% 12/01/20250.1%
Panther BF Aggregator 2 LP / Panther Finance Co In4.375% 05/15/20260.1%
Drive Chassis Holdco LLC9.561% 04/10/20260.1%
Owens Corning4.300% 07/15/20470.1%
Trinseo Materials Operating SCA5.375% 09/01/20250.1%
Con-way, Inc.6.700% 05/01/20340.1%
Navistar International Corp.6.625% 11/01/20250.1%
AES Corp.4.500% 03/15/20230.1%
CDW Corp.4.125% 05/01/20250.1%
Toll Brothers Finance Corp.4.875% 03/15/20270.1%
Rite Aid Corp.7.500% 07/01/20250.1%
Granite US Holdings Corp11.000% 10/01/20270.1%
Buena Vista Gaming Authority13.000% 04/01/20230.1%
JB Poindexter & Co., Inc.7.125% 04/15/20260.1%
Calpine Corp.4.500% 02/15/20280.1%
CDW Corp.5.500% 12/01/20240.1%
Hess Corp.5.600% 02/15/20410.1%
Taylor Morrison Communities Inc6.625% 07/15/20270.1%
DraftKings Inc0.000% -0.1%
TIBCO Software Inc7.430% 02/13/20280.1%
Southwestern Energy Co.6.200% 01/23/20250.1%
BRF SA4.875% 01/24/20300.1%
TransDigm, Inc.6.375% 06/15/20260.1%
Netflix, Inc.3.875% 11/15/20290.1%
BEP Ulterra Holdings Inc.5.424% 11/26/20250.1%
Stena AB7.000% 02/01/20240.1%
AZEK Co LLC/The9.500% 05/15/20250.1%
Barracuda Networks, Inc.4.517% 02/12/20250.1%
Compass Minerals International, Inc.4.875% 07/15/20240.1%
Barminco Finance Pty Ltd.6.625% 05/15/20220.1%
Leidos, Inc.4.375% 05/15/20300.1%
Rain CII Carbon LLC7.250% 04/01/20250.1%
Ronshine China Holdings Ltd8.100% 06/09/20230.1%
Telefonica Celular del Paraguay SA5.875% 04/15/20270.1%
MPT Operating Partnership L.P.5.000% 10/15/20270.1%
DocuSign Inc0.500% 09/15/20230.1%
United Group BV3.625% 02/15/20280.1%
TransJamaican Highway Ltd5.750% 10/10/20360.1%
Old Dominion Freight Line, Inc.0.000% -0.1%
Scientific Games International, Inc.7.250% 11/15/20290.1%
PTC, Inc.4.000% 02/15/20280.1%
Huntington Bancshares, Inc.5.700% 12/31/20990.1%
Greenko Solar Mauritius Ltd5.950% 07/29/20260.1%
Pulte Group, Inc.6.375% 05/15/20330.1%
United Group BV3.625% 02/15/20280.1%
Gap, Inc.8.625% 05/15/20250.1%
Clearway Energy Operating LLC4.750% 03/15/20280.1%
Credit Suisse Group AG5.100% 01/24/21700.1%
Marriott International, Inc.5.750% 05/01/20250.1%
Murphy Oil USA, Inc.5.625% 05/01/20270.1%
Macquarie Bank Ltd./London6.125% 03/08/21670.1%
PetSmart, Inc.8.875% 06/01/20250.1%
KB Home4.800% 11/15/20290.1%
AHP Health Partners Inc9.750% 07/15/20260.1%
Summit Materials LLC6.500% 03/15/20270.1%
Imperva Inc5.000% 11/20/20250.1%
PDC Energy, Inc.6.125% 09/15/20240.1%
TransDigm, Inc.6.250% 03/15/20260.1%
NSG Holdings LLC / NSG Holdings, Inc.7.750% 12/15/20250.1%
DG Investment Intermediate Holdings 2, Inc. (aka Convergint Technologies Holdings, LLC)4.994% 02/03/20250.1%
EnerSys4.375% 12/15/20270.1%
Yak Access LLC12.319% 07/10/20260.1%
Booz Allen Hamilton, Inc.5.125% 05/01/20250.1%
ING Groep NV5.750% 09/10/21690.1%
Lithia Motors, Inc.4.625% 12/15/20270.1%
LHC3 PLC4.125% 08/15/20240.1%
Stena International SA6.125% 02/01/20250.1%
Kernel Holding SA8.750% 01/31/20220.1%
PBF Finance Corp.6.000% 02/15/20280.1%
Nordstrom, Inc.8.750% 05/15/20250.1%
LGI Homes, Inc.0.000% -0.1%
Installed Building Products, Inc.5.750% 02/01/20280.1%
Endeavor Energy Resources L.P.5.500% 01/30/20260.1%
Wayfair, Inc.1.125% 11/01/20240.1%
Builders FirstSource, Inc.5.000% 03/01/20300.1%
General Motors Financial Co., Inc.4.350% 01/17/20270.1%
Froneri US Inc5.924% 01/29/20280.1%
Pool Corp.0.000% -0.1%
Teva Pharmaceutical Finance Co. B.V.2.950% 12/18/20220.1%
Spotify Technology SA0.000% -0.1%
Centennial Resource Production LLC6.875% 04/01/20270.1%
Sonic Automotive, Inc.6.125% 03/15/20270.1%
Lamb Weston Holdings, Inc.4.875% 11/01/20260.1%
Centennial Resource Production LLC5.375% 01/15/20260.1%
Exterran Partners L.P. / EXLP Finance Corp.6.875% 04/01/20270.1%
Bellring Brands LLC6.000% 10/10/20240.1%
Lululemon Athletica, Inc.0.000% -0.1%
Surgery Center Holdings, Inc.6.750% 07/01/20250.1%
BCD Acquisition, Inc.9.625% 09/15/20230.1%
Zynga, Inc.0.250% 06/01/20240.1%
General Motors Co.4.200% 10/01/20270.1%
General Motors Co.6.125% 10/01/20250.1%
HAT Holdings I LLC / HAT Holdings II LLC6.000% 04/15/20250.1%
II-VI Inc6.062% 03/08/20260.1%
Powerteam Services LLC9.089% 03/06/20260.1%
Stevens Holding Co Inc6.125% 10/01/20260.1%
Winnebago Industries, Inc.1.500% 04/01/20250.1%
Pinduoduo Inc0.000% 10/01/20240.1%
Fresh Market, Inc.9.750% 05/01/20230.1%
YPF Energia Electrica SA10.000% 07/25/20260.1%
Playtika Holding Corp7.072% 12/03/20240.1%
Univision Communications Inc.3.750% 03/15/20240.1%
Hub International Ltd.7.000% 05/01/20260.1%
Twilio, Inc.0.250% 06/01/20230.1%
Frontera Generation Hold5.385% 05/02/20250.1%
Inphi Corp.1.125% 12/01/20200.1%
Boyd Gaming Corp.6.000% 08/15/20260.1%
Clorox Co.0.000% -0.1%
Inter Media and Communication SpA4.875% 12/31/20220.1%
NextCure Inc0.000% -0.1%
Seven Generations Energy Ltd.5.375% 09/30/20250.1%
Boston Beer Co., Inc.0.000% -0.1%
Dometic Group AB3.000% 05/08/20260.1%
Presidio Holdings Inc4.875% 02/01/20270.1%
Five9, Inc.0.125% 05/01/20230.1%
VM Holding SA5.375% 05/04/20270.1%
Iovance Biotherapeutics Inc0.000% -0.1%
Masonite International Corp.5.375% 02/01/20280.1%
Everbridge, Inc.1.500% 11/01/20220.1%
Redfin Corp1.750% 07/15/20230.1%
Pinnacle Bidco PLC6.375% 02/15/20250.1%
Burlington Stores, Inc.2.250% 04/15/20250.1%
Sugarhouse HSP Gaming Prop Mezz LP/Fin Corp.5.875% 05/15/20250.1%
Castle US Holding Corp9.500% 02/15/20280.1%
Apache Corp.5.100% 09/01/20400.1%
Macy's, Inc.8.375% 06/15/20250.1%
Enphase Energy, Inc.1.000% 06/01/20240.1%
Muthoot Finance Ltd4.400% 09/02/20230.1%
Penn National Gaming, Inc.2.750% 05/15/20260.1%
Tempo Acquisition LLC / Tempo Acquisition Finance6.750% 06/01/20250.1%
Ashton Woods USA LLC / Ashton Woods Finance Co.6.750% 08/01/20250.1%
Empresa de Energia de Bogota SA4.875% 05/15/20300.1%
elf Beauty, Inc.0.000% -0.1%
Banijay Entertainment SASU5.375% 03/01/20250.1%
Consolidated Communications, Inc.6.500% 10/01/20220.1%
DPL, Inc.4.350% 04/15/20290.1%
Beyond Meat Inc0.000% -0.1%
Saia, Inc.0.000% -0.1%
Viking Cruises Ltd.13.000% 05/15/20250.1%
Branch Banking & Trust Co.4.800% 07/29/21690.1%
Shake Shack, Inc.0.000% -0.1%
Adient Global Holdings Ltd.4.875% 08/15/20260.1%
Etsy, Inc.0.125% 10/01/20260.1%
Parsley Energy LLC5.375% 01/15/20250.1%
SPCM S.A.4.875% 09/15/20250.1%
Tradeweb Markets Inc0.000% -0.1%
Square, Inc.0.375% 03/01/20220.1%
Wynn Las Vegas LLC5.500% 03/01/20250.1%
Fastlane Parent Company, Inc.4.674% 12/19/20250.1%
Louisiana-Pacific Corp.4.875% 09/15/20240.1%
Zebra Technologies Corp.0.000% -0.1%
Clark Equipment Co5.875% 06/01/20250.1%
Freshpet, Inc.0.000% -0.1%
McCormick & Co., Inc.0.000% -0.1%
Repligen Corp.0.375% 07/15/20240.1%
Waste Pro USA Inc5.500% 02/15/20260.1%
Rumo Luxembourg Sarl5.875% 01/18/20250.1%
Gap, Inc.8.875% 05/15/20270.1%
Beazer Homes USA, Inc.7.250% 10/15/20290.1%
American Axle & Manufacturing, Inc.6.250% 04/01/20250.1%
Life Time Fitness, Inc.3.750% 06/10/20220.1%
Mohegan Tribal Gaming Authority7.875% 10/15/20240.1%
Amsted Industries, Inc.5.625% 07/01/20270.1%
Hilcorp Energy L.P. / Hilcorp Finance Co.5.750% 10/01/20250.1%
Mattamy Group Corp.4.625% 03/01/20300.1%
Navistar International Corp.9.500% 05/01/20250.1%
Radiate Holdco LLC / Radiate Finance Inc6.625% 02/15/20250.1%
Scotts Miracle-Gro Co.0.000% -0.1%
Match Group, Inc.5.000% 12/15/20270.1%
Altice France Holding SA6.000% 02/15/20280.1%
Trimas Corp.4.875% 10/15/20250.1%
1011778 BC ULC / New Red Finance, Inc.4.375% 01/15/20280.1%
J Crew Group Inc.4.541% 03/05/20210.1%
MEG Energy Corp.0.000% -0.1%
CSN Islands XI Corp.6.750% 01/28/20280.1%
Chegg, Inc.0.125% 03/15/20250.1%
CSN Resources SA7.625% 04/17/20260.1%
Mattel, Inc.5.450% 11/01/20410.1%
Motion Finco Sarl7.000% 05/15/20250.1%
Chipotle Mexican Grill, Inc.0.000% -0.1%
Teekay Corp.9.250% 11/15/20220.1%
Univar Solutions USA Inc/Washington5.125% 12/01/20270.1%
Go Daddy Operating Co LLC / GD Finance Co Inc5.250% 12/01/20270.1%
Lamar Media Corp.4.875% 01/15/20290.1%
Brand Energy & Infrastructure Services Inc8.500% 07/15/20250.1%
LBC Tank Terminals Holding Netherlands BV6.875% 05/15/20230.1%
Mattel, Inc.5.875% 12/15/20270.1%
CSL Capital, LLC8.250% 10/15/20230.1%
WEX Inc.3.942% 05/15/20260.1%
Brooks Automation Inc0.000% -0.1%
Adani Ports & Special Economic Zone Ltd4.375% 07/03/20290.1%
Northwest Fiber LLC / Northwest Fiber Finance Sub10.750% 06/01/20280.1%
Acadia Healthcare Co., Inc.6.500% 03/01/20240.1%
Griffon Corp.5.750% 03/01/20280.1%
NBM US Holdings Inc7.000% 05/14/20260.1%
PolyOne Corp.5.750% 05/15/20250.1%
New Enterprise Stone & Lime Co., Inc.6.250% 03/15/20260.1%
Cornerstone OnDemand Inc5.348% 04/22/20270.1%
Generac Holdings, Inc.0.000% -0.1%
Hillman Group, Inc.6.375% 07/15/20220.1%
Trex Co., Inc.0.000% -0.1%
Hughes Satellite Systems Corp.5.250% 08/01/20260.1%
Kuehg Corp9.563% 08/15/20250.1%
CrownRock L.P./CrownRock Finance, Inc.5.625% 10/15/20250.1%
Airxcel, Inc.4.674% 04/28/20250.1%
Owens Corning4.400% 01/30/20480.1%
WeWork Cos Inc7.875% 05/01/20250.1%
CSC Holdings LLC6.500% 02/01/20290.1%
PAA Finance Corp.4.650% 10/15/20250.1%
MGM Growth Properties Operating Partnership LP / M5.625% 05/01/20240.1%
Univision Communications, Inc.5.125% 02/15/20250.1%
Scotts Miracle-Gro Co.4.500% 10/15/20290.1%
Hilcorp Energy L.P. / Hilcorp Finance Co.6.250% 11/01/20280.1%
NCL Corp. Ltd.12.250% 05/15/20240.1%
Cognex Corp.0.000% -0.1%
Presidio Holdings Inc8.250% 02/01/20280.1%
Terraform Global Operating LLC6.125% 03/01/20260.1%
Verscend Escrow Corp9.750% 08/15/20260.1%
Autopistas del Sol SA/Costa Rica7.375% 12/30/20300.1%
GCP Applied Technologies, Inc.5.500% 04/15/20260.1%
Covanta Holding Corp.6.000% 01/01/20270.1%
AG Issuer LLC6.250% 03/01/20280.1%
AT&T, Inc.2.875% 02/18/21700.1%
Wabash National Corp.5.500% 10/01/20250.1%
Nexus Buyer LLC3.934% 10/30/20260.1%
Murphy Oil Corp.6.875% 08/15/20240.1%
LifePoint Hospitals, Inc.6.750% 04/15/20250.1%
TerraForm Power Operating LLC5.000% 01/31/20280.1%
Gibson Brands, Inc0.000% -0.1%
Cloud Crane LLC10.125% 08/01/20240.1%
Eskom Holdings SOC Ltd.7.125% 02/11/20250.1%
VF Holding Corp7.424% 07/02/20260.1%
Kratos Defense & Security Solutions Inc6.500% 11/30/20250.1%
Bridgebio Pharma Inc2.500% 03/15/20270.1%
Community Health Systems, Inc.8.000% 03/15/20260.1%
Hilton Domestic Operating Co, Inc.4.875% 01/15/20300.1%
Rede D'or Finance Sarl4.950% 01/17/20280.1%
Norbord, Inc.6.250% 04/15/20230.1%
Valeant Pharmaceuticals International, Inc.5.250% 01/30/20300.1%
Algeco Scotsman Global Finance plc8.000% 02/15/20230.1%
Exterran Energy Solutions L.P. / EES Finance Corp.8.125% 05/01/20250.1%
Miller Homes Group Holdings PLC5.500% 10/15/20240.1%
TGP Holdings III LLC9.817% 09/20/20250.1%
T-Mobile USA, Inc.3.875% 04/15/20300.1%
Spectacle Gary Holdings, LLC11.000% 10/17/20240.1%
AMC Networks, Inc.5.000% 04/01/20240.1%
Clearway Energy Operating LLC5.000% 09/15/20260.1%
Zayo Group Holdings, Inc.4.000% 03/01/20270.1%
1011778 BC ULC / New Red Finance, Inc.5.000% 10/15/20250.1%
Arcor6.000% 07/06/20230.1%
NRG Energy, Inc.5.250% 06/15/20290.1%
Flynn Restaurant Group3.674% 06/27/20250.1%
PAA Finance Corp.2.850% 01/31/20230.1%
Elwood Energy LLC8.159% 07/05/20260.1%
SM Energy Co.6.625% 01/15/20270.1%
EyeCare Partners LLC4.822% 02/05/20270.1%
Apex Tool Group LLC / BC Mountain Finance Inc9.000% 02/15/20230.1%
CIT Group, Inc.5.250% 03/07/20250.1%
IRB Holding Corp7.000% 06/15/20250.1%
NRG Energy, Inc.4.450% 06/15/20290.1%
PetSmart, Inc.7.125% 03/15/20230.1%
Gateway Casinos & Entertainment Ltd8.250% 03/01/20240.1%
United PF Holdings LLC5.450% 12/30/20260.1%
Pike Corp4.250% 07/19/20260.1%
Flynn Restaurant Group7.174% 06/29/20260.1%
Sabine Pass Liquefaction LLC4.500% 05/15/20300.1%
Service Corp. International4.625% 12/15/20270.1%
Kraft Heinz Foods Co.5.000% 07/15/20350.1%
Trivium Packaging Finance BV5.500% 08/15/20260.1%
PBF Finance Corp.9.250% 05/15/20250.1%
Forming Machining Indust5.072% 10/09/20250.1%
Golar LNG Partners L.P.6.631% 05/18/20210.1%
ESH Hospitality, Inc.5.250% 05/01/20250.1%
Numericable Group S.A.3.375% 01/15/20280.1%
Ball Corp.4.875% 03/15/20260.1%
Community Health Systems, Inc.8.625% 01/15/20240.1%
Wendy's International, Inc.7.000% 12/15/20250.1%
Global Aircraft Leasing Co Ltd6.500% 09/15/20240.1%
Simmons Foods, Inc.7.750% 01/15/20240.1%
ING Groep NV6.750% 02/26/21690.1%
Occidental Petroleum Corp.2.700% 02/15/20230.1%
Acadia Healthcare Co., Inc.5.125% 07/01/20220.1%
Transocean Pontus Ltd6.125% 08/01/20250.1%
Melissa & Doug5.435% 06/19/20240.1%
WP CityMD Bidco LLC5.761% 08/06/20260.1%
Midas Intermediate Holdco II LLC / Midas Intermedi7.875% 10/01/20220.1%
Weekley Homes LLC / Weekley Finance Corp.6.000% 02/01/20230.1%
Norbord, Inc.5.750% 07/15/20270.1%
Clearway Energy Operating LLC5.750% 10/15/20250.1%
Callon Petroleum Co.6.125% 10/01/20240.1%
T-Mobile USA, Inc.4.500% 04/15/20500.1%
Boyne USA Inc7.250% 05/01/20250.1%
HCA, Inc.7.690% 06/15/20250.1%
KGA Escrow LLC7.500% 08/15/20230.1%
Revlon Consumer Products Corp.5.750% 02/15/20210.1%
AES Gener SA6.350% 10/07/20790.1%
PetMed Express, Inc.0.000% -0.1%
Province of Neuquen7.500% 04/27/20250.1%
Ahern Rentals, Inc.7.375% 05/15/20230.1%
Deliver Buyer, Inc. (aka MHS Holdings, Inc.)6.450% 05/01/20240.1%
QEP Resources, Inc.5.625% 03/01/20260.1%
Transportes Aereos Portugueses SA5.625% 12/02/20240.1%
Panda Temple Power, LLC9.800% 02/07/20230.1%
Quicken Loans LLC5.750% 05/01/20250.1%
Claire's Stores, Inc.8.421% 12/18/20260.0%
Civitas Solutions, Inc.4.792% 02/05/20260.0%
Callon Petroleum Co.6.375% 07/01/20260.0%
Ingles Markets, Inc.5.750% 06/15/20230.0%
Sysco Corp.6.600% 04/01/20500.0%
Doncasters US Finance LLC (Doncasters US LLC)8.500% 03/31/20240.0%
JPMorgan Chase & Co.4.600% 12/31/20990.0%
Callon Petroleum Co.8.250% 07/15/20250.0%
Azul Investments LLP5.875% 10/26/20240.0%
Oasis Petroleum, Inc.6.250% 05/01/20260.0%
Revlon, Inc. Class A4.642% 06/30/20250.0%
Western Gas Partners L.P.3.950% 06/01/20250.0%
Western Gas Partners L.P.3.100% 02/01/20250.0%
Claire's Stores, Inc.0.000% -0.0%
Netflix, Inc.3.625% 06/15/20250.0%
Calpine Corp.5.125% 03/15/20280.0%
Commercial Barge Line0.000% -0.0%
JPMorgan Chase & Co.4.000% 12/31/20990.0%
PetVet Care Centers, LLC4.678% 02/14/20250.0%
Montreign Resort Casino2.424% 03/23/20210.0%
Trident TPI Holdings Inc9.250% 08/01/20240.0%
Bill Barrett Corp.7.000% 10/15/20220.0%
Alterra Mountain Company0.000% 05/13/20260.0%
Southwestern Energy Co.7.750% 10/01/20270.0%
Calpine Corp.5.250% 06/01/20260.0%
Mclaren Finance PLC5.750% 08/01/20220.0%
Commercial Barge Line0.000% -0.0%
QEP Resources, Inc.5.250% 05/01/20230.0%
Oasis Petroleum, Inc.6.875% 03/15/20220.0%
Doncasters US Finance LLC (Doncasters US LLC)0.500% 03/31/20250.0%
FTS International, Inc.6.250% 05/01/20220.0%
Transportes Aereos Portugueses SA5.625% 12/02/20240.0%
American Airlines Group, Inc.3.750% 03/01/20250.0%
FX USD/EUR 06/200.000% 06/09/20200.0%
FX USD/GBP 06/200.000% 06/05/20200.0%
Tronox Finance PLC5.750% 10/01/20250.0%
UTEX Industries5.311% 05/22/20210.0%
Southwestern Energy Co.7.500% 04/01/20260.0%
North American Lifting Holdings, Inc. (aka TNT Crane & Rigging, Inc)10.450% 11/26/20210.0%
EyeCare Partners LLC3.750% 02/05/20270.0%
Leslies Poolmart, Inc.3.674% 08/09/20230.0%
American Homes 4 Rent LP4.250% 02/15/20280.0%
Intesa Sanpaolo SpA5.017% 06/26/20240.0%
Scorpio Tankers, Inc.3.000% 05/15/20220.0%
UC Holdings0.000% -0.0%
WPX Energy, Inc.8.250% 08/01/20230.0%
Britax Childcare0.000% 01/09/20250.0%
Arcor6.000% 07/06/20230.0%
American Homes 4 Rent LP4.900% 02/15/20290.0%
Revlon, Inc. Class A11.667% 09/07/20210.0%
Burlington Coat Factory3.941% 11/08/20240.0%
Revlon, Inc. Class A0.000% 06/30/20250.0%
United PF Holdings LLC2.000% 01/06/20270.0%
FGI Operating Company, LLC5.833% 05/15/20220.0%
Commercial Barge Line0.000% -0.0%
J Crew Group Inc.9.000% 03/05/20210.0%
Credit Default Swap1.000% 06/20/20200.0%
Fairway Group Holdings Corp.0.000% 02/24/20240.0%
Dutch Lion BV11.250% 06/15/20200.0%
American Energy-Permian Basin LLC12.000% 10/01/20240.0%
Spectacle Gary Holding11.000% 11/07/20250.0%
Tapstone Energy Holdings III, LLC0.000% 06/01/20220.0%
Fairway Group Holdings Corp.0.000% 11/24/20230.0%
FX GBP/USD 06/200.000% 06/05/20200.0%
Hess Corp.5.800% 04/01/20470.0%
Signature Aviation US Holdings Inc5.375% 05/01/20260.0%
Civitas Solutions, Inc.5.710% 02/05/20260.0%
Afren plc6.625% 12/09/20200.0%
PG&E Corp0.000% 04/27/20210.0%
FX EUR/USD 06/200.000% 06/09/20200.0%
Remington Outdoor Co. Inc.0.000% -0.0%
Penson Technologies LLC0.000% -0.0%
Afren plc11.500% 02/01/20220.0%
Afren plc10.250% 04/08/20220.0%
FX USD/GBP 06/200.000% 06/05/20200.0%
Tonon Luxembourg S.A.6.500% 10/31/20240.0%
FX EUR/USD 06/200.000% 06/09/20200.0%
Templar Energy LLC0.000% -0.0%
FX EUR/USD 06/200.000% 06/09/20200.0%
FX GBP/USD 06/200.000% 06/05/20200.0%
FX USD/EUR 06/200.000% 06/09/20200.0%
Tapstone Energy LLC / Tapstone Energy Finance Corp0.000% -0.0%
Britax Childcare0.000% -0.0%
Remington Outdoor Co. Inc.0.000% -0.0%
EURO-BOBL FUT Jun200.000% 06/10/20200.0%
EURO-BUND FUTURE Jun200.000% 06/10/20200.0%
Fairway Group Acquisition Company0.000% -0.0%
FX GBP/USD 06/200.000% 06/05/20200.0%
FX USD/EUR 06/200.000% 06/09/20200.0%
Templar Energy LLC0.000% -0.0%
FX USD/GBP 06/200.000% 06/05/20200.0%
General Motors Co.7.200% 01/15/20490.0%
US 10YR NOTE (CBT)SEP200.000% 09/30/20200.0%
US 10YR ULTRA FUT SEP200.000% 09/30/20200.0%
US LONG BOND(CBT) SEP200.000% 09/30/20200.0%
US ULTRA BOND CBT SEP200.000% 09/30/20200.0%
Washington Mutual, Inc.6.875% 06/15/20110.0%
Mirabela Nickel Ltd.1.000% 09/16/20440.0%
US 5YR NOTE (CBT) SEP200.000% 10/05/20200.0%
FX USD/EUR 06/200.000% 06/09/20200.0%
FX USD/EUR 06/200.000% 06/09/20200.0%
FX USD/EUR 06/200.000% 06/09/20200.0%
US 2YR NOTE (CBT) SEP200.000% 10/05/20200.0%
FX USD/EUR 06/200.000% 06/09/20200.0%
FX GBP/USD 06/200.000% 06/05/20200.0%
FX USD/EUR 06/200.000% 06/09/20200.0%
FX USD/EUR 09/200.000% 09/04/20200.0%
FX USD/EUR 06/200.000% 06/09/20200.0%
FX USD/EUR 06/200.000% 06/09/20200.0%
FX USD/EUR 09/200.000% 09/04/20200.0%
FX USD/EUR 09/200.000% 09/04/20200.0%

Aggregate holdings are updated monthly, 30 days after month end. Aggregate holdings are presented to illustrate examples of the securities that the Fund has bought and the diversity of the areas in which the Fund may invest, and may not be representative of the Fund's current or future investments. The figures presented are as of the date shown and may change at any time.

Sector Allocationas of 05/29/2020

Sector Weighting Fund Change from Previous Quarter
Sector Weighting Fund Change from Previous Quarter
Basic Industry arrowDown0.1%
Leisure arrowUp0.3%
Other arrowDown0.5%
Energy arrowUp5.6%
Transportation arrowDown0.5%
Real Estate arrowUp0.6%
Insurance arrowDown0.3%
Services arrowDown0.2%
Financial Services arrowDown2.9%
Capital Goods arrowDown2.3%
Telecommunications arrowDown0.3%
Media arrowDown1.0%
Utility arrowUp0.7%
Consumer Goods arrowUp0.2%
Banking arrowDown0.5%
Retail arrowUp0.1%
Healthcare arrowUp0.2%
Automotive arrowUp1.1%
Technology & Electronics 0.0%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Dividend Payments

For
YTD Dividends Paidas of 07/02/2020
$0.200
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 06/30/2020 $0.03233 $6.72
Daily Daily 05/31/2020 $0.03240 $6.69
Daily Daily 04/30/2020 $0.03332 $6.39
Daily Daily 03/31/2020 $0.03497 $6.16
Daily Daily 02/29/2020 $0.03311 $7.31
Daily Daily 01/31/2020 $0.03409 $7.46

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 07/31/2020
Daily Daily 08/31/2020
Daily Daily 09/30/2020
Daily Daily 10/31/2020
Daily Daily 11/30/2020
Daily Daily 12/31/2020

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/18/2014 12/19/2014 $0.0899 $0.0792 $0.1691 $7.44
*

Taxed as ordinary income

Lord Abbett does not provide tax advice. It is strongly recommended that you discuss the impact of dividends and distributions with your tax advisor. 

Upcoming Capital Gain Distribution

Record Date Ex-Dividend Date
12/17/2020 12/18/2020

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 07/02/2020

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $6.94
$100,000 to $249,999 1.75% 1.50% $6.90
$250,000 to $499,999 1.25% 1.00% $6.87
$500,000 to $999,999 0.00% 1.00% $6.78
$1,000,000 to $5,000,000 0.00% 1.00% $6.78

The 12b-1 trail commission is 0.15% (accrues immediately) for all fixed-income and municipal income funds.

Class A shares purchased without a sales charge (commissionable NAV) will be subject to a CDSC of 1% if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls.

For Sales Charge Reductions and Waivers Click here.

Expense Ratioas of 05/31/2020

Fund Documents

Fund Documents

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* Barron’s Top Fund Families of 2019, February 14, 2020, #5 in the Taxable Bond Category among 55 fund families. Based on the net total return of the one−year period ending 12/31/2019. #14 Overall ranking among 55 qualifying fund families based on the net total return of the one-year period ending 12/31/2019. Five-year Overall ranking is #30 out of 52 fund families; 10-year Overall ranking is #33 out of 45 fund families.

 

Source: Barron’s, “Barron’s Top Fund Families of 2019,” February 14, 2020. Barron’s rankings are based on asset weighted returns in funds in five categories: U.S. equity, world equity (including international and global portfolios), mixed asset (which invest in stocks, bonds and other securities), taxable bond, and tax-exempt (each a "Barron's ranking category"). Rankings also take into account an individual fund's performance within its Lipper peer universe. Lipper calculated each fund's net total return for the year ended December 31, 2019, minus the effects of 12b-1 fees and sales charges. Each fund in the survey was given a percentile ranking with 100 the highest and 1 the lowest in its category. That ranking measured how a fund compared with its peer "universe," as tracked by Lipper, not just the funds in the survey. Individual fund scores were then multiplied by the 2019 weighting of their Barron's ranking category as determined by the entire Lipper universe of funds. Those fund scores were then totaled, creating an overall score and ranking for each fund family in the survey in each Barron's ranking category. The process is repeated for the five- and ten-year rankings as well. Barron's Fund Family Rankings are awarded annually.

 

© Reuters 2020. All Rights Reserved. Lipper Analytical Services, Inc. is an independent mutual fund research and rating service. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper.

 

+

Minimum initial investment varies depending on the class of shares you buy and the type of account. IRAs, SIMPLEs, and SEP accounts with payroll deductions have no minimums. Please see Fund prospectuses for additional information.      

                    

1

Dividend Yield is a financial ratio that shows how much a mutual fund pays out in dividends each year relative to value with maximum sales charges and without sales charges. The dividend yield is calculated by annualizing the last dividend and dividing it by the fund’s net asset value with maximum sales charges and without sales charges.

 

2

The 30-Day Standardized Yield represents net investment income earned by a fund over a 30-day period. It is expressed as an annual percentage rate using a method of calculation adopted by the Securities and Exchange Commission (SEC). Yields for other share classes will vary.

 

 

IMPORTANT INFORMATION

 

A Note about Risk: The Fund is subject to the general risks associated with investing in debt securities, including market, credit, liquidity, and interest rate risk. The Fund invests primarily in high-yield, lower-rated securities, sometimes called junk bonds. These securities carry increased risks of price volatility, illiquidity, and the possibility of default in the timely payment of interest and principal. The Fund may invest in foreign or emerging market securities, which may be adversely affected by economic, political, or regulatory factors and subject to currency volatility and greater liquidity risk. The Fund may invest in derivatives, which are subject to greater liquidity, leverage, and counterparty risk. These factors can affect Fund performance.

 

Performance data quoted is historical. Past performance is not indicative of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. To obtain performance data current to the most recent quarter-end, go to quarter ending performance on our Website or call Lord Abbett at (888) 522-2388.

 

 

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by Standard & Poor’s Financial Services, LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2011 American Bankers Association. “CUSIP” is a registered trademark of the American Bankers Association.

 

Class A  Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

Except as noted below, returns with sales charges reflect a maximum sales charge of 2.50%. There are also ongoing 12b-1 service and distribution fees.

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1.50% if the shares are repurchased before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

 

Except as noted below, returns with sales charges reflect a maximum sales charge of 2.50%. There are also ongoing 12b-1 service and distribution fees.

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1.50% if the shares are repurchased before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

With Sales Charge - Returns with sales charges reflect applicable fees and expenses and include all distributions reinvested.

 

Without Sales Charge - Returns shown are without sales charges and have all distributions reinvested. If a sales charge had been deducted, the results would have been lower.

 

Returns shown at less than a year reflect aggregate total returns.

 

Double-Digit Returns - instances of high double-digit returns were achieved primarily during favorable market conditions and may not be sustainable over time.   

 

The ICE BofA Merrill Lynch U.S. High Yield Constrained Index is a capitalization-weighted index of all US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. Qualifying securities must have a below investment grade rating (based on an average of Moody’s, S&P and Fitch), at least 18 months to final maturity at the time of issuance, at least one year remaining term to final maturity as of the rebalancing date, a fixed coupon schedule and a minimum amount outstanding of $100 million. The index caps individual issuer at 2%. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro-rata basis. The face values of bonds of all other issuers that fall below the 2% cap are increased on a pro-rata basis. In the event there are fewer than 50 issuers in the Index, each is equally weighted and the face values of their respective bonds are increased or decreased on a pro-rata basis.

Source: ICE Data Indices, LLC. 

Source ICE Data Indices, LLC (“ICE”), used with permission. ICE PERMITS USE OF THE ICE BofAML INDICES AND RELATED DATA ON AN "AS IS" BASIS, MAKES NO WARRANTIES REGARDING SAME, DOES NOT GUARANTEE THE SUITABILITY, QUALITY, ACCURACY, TIMELINESS, AND/OR COMPLETENESS OF THE ICE BofAML INDICES OR ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM, ASSUMES NO LIABILITY IN CONNECTION WITH THE USE OF THE FOREGOING, AND DOES NOT SPONSOR, ENDORSE, OR RECOMMEND LORD ABBETT, OR ANY OF ITS PRODUCTS OR SERVICES.

Indexes reflect total return, unless otherwise specified, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.

 

The Overall Morningstar RatingTM is derived from a weighted average of the performance figures associated with a fund's three-, five-, and 10-year (as applicable) Morningstar RatingTM metrics. © Morningstar, Inc. All rights reserved. The information contained herein (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

 

Morningstar proprietary ratings reflect historical risk-adjusted performance. For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. Load-waived ratings do not include any front-end sales charges (which are only available for certain defined contribution plans and certain mutual fund advisory programs) and should only be considered by investors who are not subject to sales loads. Not all funds with a load-waived rating may waive their front-end load. An investor should check with their advisor to determine if they are eligible to purchase the load-waived Class A share. The top 10% of the funds in an investment category receive 5 stars, 22.5% receive 4 stars, 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages). The Overall Morningstar rating is a weighted average of funds' three-, five-, and 10-year (as applicable) ratings. Past performance is no guarantee of future results. Morningstar Rating is for the Class A share only; other classes may have different performance characteristics.

 

Lipper Category Average - Peer group averages are based on universes of funds with the same investment objectives. The average return for the peer group is based on the returns of each individual fund within the group for the period shown. This average assumes reinvestment of dividends.

 

Fund Expense Ratio Detail: Reflects expenses for the Fund's fiscal year-end and is subject to change. Fund expenses may fluctuate with market volatility. A substantial reduction in Fund assets (since its most recently completed fiscal year), whether caused by market conditions or significant redemptions or both, will likely cause total operating expenses (as a percentage of Fund assets) to become higher than those shown.

 

 

Lipper Category Average Expense Ratio reflects the average net expenses of Class A shares of all funds with in the peer group based on Lipper data available.

 

The Fund's portfolio is actively managed and portfolio characteristics, such as individual holdings and sector weightings may change significantly over time. The portfolio data is for information only. It does not constitute a recommendation or an offer for a particular security or fund, nor should it be taken as a solicitation or recommendation to buy or sell securities or other investments.  

 

Dividends and Capital Gains: The information presented in this section is intended for general information and is not intended to be relied upon and should not be relied upon, as financial, legal or tax advice for any particular investor. We strongly recommend that you contact your financial, legal or tax advisor regarding your particular tax situation.

The information presented in this section is not written or intended to be used, and cannot be used, for the purpose of avoiding any tax liabilities or penalties.

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